FHEQ vs. HELO

Last updated Apr 3, 2026

Compare and contrast key facts about Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO).

FHEQ and HELO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FHEQ is an actively managed fund by Fidelity. It was launched on Apr 9, 2024. HELO is an actively managed fund by JPMorgan. It was launched on Sep 28, 2023.

Performance

FHEQ vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). The values are adjusted to include any dividend payments, if applicable.

FHEQ vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	-4.27%	13.34%	10.57%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	-3.36%	7.82%	11.68%

Returns By Period

In the year-to-date period, FHEQ achieves a -4.27% return, which is significantly lower than HELO's -3.36% return.

FHEQ

• 1D: -0.14%
• 1M: -3.18%
• YTD: -4.27%
• 6M: -3.75%
• 1Y: 11.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HELO

• 1D: 0.02%
• 1M: -3.11%
• YTD: -3.36%
• 6M: -1.18%
• 1Y: 7.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FHEQ vs. HELO - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is lower than HELO's 0.50% expense ratio.

HELO

JPMorgan Hedged Equity Laddered Overlay ETF

FHEQ

Fidelity Hedged Equity ETF

Return for Risk

FHEQ vs. HELO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FHEQ

FHEQ Risk / Return Rank: 54
FHEQ Sharpe Ratio Rank: 57
FHEQ Sortino Ratio Rank: 58
FHEQ Omega Ratio Rank: 49
FHEQ Calmar Ratio Rank: 53
FHEQ Martin Ratio Rank: 53

HELO

HELO Risk / Return Rank: 46
HELO Sharpe Ratio Rank: 45
HELO Sortino Ratio Rank: 45
HELO Omega Ratio Rank: 47
HELO Calmar Ratio Rank: 45
HELO Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FHEQ vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FHEQ	HELO	Difference
Sharpe ratio Return per unit of total volatility	1.07	0.89	+0.17
Sortino ratio Return per unit of downside risk	1.57	1.34	+0.24
Omega ratio Gain probability vs. loss probability	1.20	1.20	+0.01
Calmar ratio Return relative to maximum drawdown	1.60	1.39	+0.21
Martin ratio Return relative to average drawdown	6.15	5.44	+0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHEQ vs. HELO - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.07, which is comparable to the HELO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of FHEQ and HELO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FHEQ	HELO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.89	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	1.40	-0.46

Correlation

The correlation between FHEQ and HELO is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FHEQ vs. HELO - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.66%, which matches HELO's 0.66% yield.

	TTM	2025	2024	2023
FHEQ Fidelity Hedged Equity ETF	0.66%	0.63%	0.50%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.66%	0.67%	0.60%	0.19%

Drawdowns

FHEQ vs. HELO - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, roughly equal to the maximum HELO drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for FHEQ and HELO.

Drawdown Indicators

	FHEQ	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-10.89%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-5.76%	-2.01%
Current Drawdown Current decline from peak	-5.83%	-4.57%	-1.26%
Average Drawdown Average peak-to-trough decline	-1.91%	-1.22%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.47%	+0.55%

Volatility

FHEQ vs. HELO - Volatility Comparison

Fidelity Hedged Equity ETF (FHEQ) has a higher volatility of 2.83% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 2.60%. This indicates that FHEQ's price experiences larger fluctuations and is considered to be riskier than HELO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.60%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	7.07%	5.39%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	8.58%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	8.12%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.39%	8.12%	+2.27%